Suppose a manager must choose between the following two mathematical

Suppose a manager must choose between the following two mathematical

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May 17, 2022
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Suppose a manager must choose between the following two mathematical models of a given situation: (a) a relatively simple model that is a reasonable approximation of the real situation and (b) a thorough and complex model that is the most accurate mathematical representation of the real situation possible. Why might the model described in part (a) be preferred by the manager?

Answer and ExplanationSolution by a verified expert

Explanation
Although, the second model is quite similar to the original, it is more difficult to assess and will be more time consuming and costlier. The first model, although not an exact replica, is a good estimation of the original and is easier to solve as compared to the second model. As a result, the first model is more preferrable than the second one because it will be less time-consuming and more cost-saving.

Verified Answer
The first model is more favourable than the second because of its simplicity and a near approximation to the original circumstances. Even though the second model is an exact replica of the original situation, it will be more time consuming and costly to solve which makes it unfavourable as compared to the first model. Even though the first model is not an exact replica, it is still a good estimation of the real situation and is easier to solve, making it less time consuming and cost-saving. As a result, the first model will be easier to understand and solve, and is more favourable than the first.

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